USD/ZAR to turn bullish on a break above the 14.5809/6857 area – Commerzbank
|The USD/ZAR pair has rallied to the 14.3668/5437 resistance zone. A rise above 14.6857 would be medium-term bullish, according to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank.
Current June low was made at 13.4066
“USD/ZAR’s descent has taken it to the current June low at 13.4066 while medium-term from where it has swiftly reversed higher to the 2020-2021 downtrend line at 14.3668. Together with the December-to-February lows and May high at 14.3952/5437 it offers strong resistance.”
“Only a rise above the next higher 14.5809/6857 March low and mid-April high would make us medium-term bullish and would lead us to target the 200 day moving average at 15.0432 as well as the late March high at 15.1004.”
“Slips should find support between the 55-day moving average and the early May low at 14.0897/13.9522. Further down sits the current June low at 13.4066, only an unexpected fall through which would open the way for the January 2019 low at 13.2338 to be reached.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.